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1S60-'61.] Document No. 22. IT)
Directors passed a resolution authorizing the issue of $400,000
in seven per cent, coupon bonds, in the following terms :
Bemlved, That the President be antliorized and require d
to issue the coupon bonds of the comjiany in the usual form
to an amount not exceeding four liundred thousand dollars,
bearing interest payable semi-annually, at seven per cent,
per annum, interest and principal payabk^ in the city of Nf w
York, to run twenty years, and to be secured by a mortgac;e
or deed of trust upon all the canal, estate, rights, franchis'-s
and property of the company."
The company is authorized, among other tilings, by the
third section of their act of incorporation, 8th February,
1855, " to borrow money upon their bonds or other evideno-?s
of debt, and to mortgage or pledge their lands or property ;"
this act was duly assented to by the Legislature i)f Virginia.
The company claims the right to pay seven per cent, interest
when necessary, under the 1st section of the act of the Lcl'-
islature of Virginia, passed 15th March, 1856, which allows
all incorporated companies to contract for the payment nf
more than the legal rate of interest. ,
How far the company is restrained by the 5th section of
tl^eir original act of incorporation granted by our General
.A-Ssembly, or if restrained at all in this particular, by either
that section or by our general law, is a question to be deter-mined
by the legal advisers of your Excellency.
The necessity of increased funds to enable the company to
' enlarge their work to the capacity required by the act of Fer>-
ruary, 1856, will appear, upon reference to the state of th"lr
financial condition, as exhibited in their fourth annual re-port.
From this it will be seen tiiat the amount subscril^d
to the capital stock on the Ist of October, 1859. was $90^.-
400, of which sum ;$101,300 remained unpaid ; and tl;;il
their aggregate receipts from all (?ource.« amounted to |824,-
829. This latter amount, to wit, $824,829, exceeds but litt!/'
the original sum agreed to be given to Courtright, Barton k
Co., under the first contract, whereas the total cost of t-.>

1S60-'61.] Document No. 22. IT)
Directors passed a resolution authorizing the issue of $400,000
in seven per cent, coupon bonds, in the following terms :
Bemlved, That the President be antliorized and require d
to issue the coupon bonds of the comjiany in the usual form
to an amount not exceeding four liundred thousand dollars,
bearing interest payable semi-annually, at seven per cent,
per annum, interest and principal payabk^ in the city of Nf w
York, to run twenty years, and to be secured by a mortgac;e
or deed of trust upon all the canal, estate, rights, franchis'-s
and property of the company."
The company is authorized, among other tilings, by the
third section of their act of incorporation, 8th February,
1855, " to borrow money upon their bonds or other evideno-?s
of debt, and to mortgage or pledge their lands or property ;"
this act was duly assented to by the Legislature i)f Virginia.
The company claims the right to pay seven per cent, interest
when necessary, under the 1st section of the act of the Lcl'-
islature of Virginia, passed 15th March, 1856, which allows
all incorporated companies to contract for the payment nf
more than the legal rate of interest. ,
How far the company is restrained by the 5th section of
tl^eir original act of incorporation granted by our General
.A-Ssembly, or if restrained at all in this particular, by either
that section or by our general law, is a question to be deter-mined
by the legal advisers of your Excellency.
The necessity of increased funds to enable the company to
' enlarge their work to the capacity required by the act of Fer>-
ruary, 1856, will appear, upon reference to the state of th"lr
financial condition, as exhibited in their fourth annual re-port.
From this it will be seen tiiat the amount subscril^d
to the capital stock on the Ist of October, 1859. was $90^.-
400, of which sum ;$101,300 remained unpaid ; and tl;;il
their aggregate receipts from all (?ource.« amounted to |824,-
829. This latter amount, to wit, $824,829, exceeds but litt!/'
the original sum agreed to be given to Courtright, Barton k
Co., under the first contract, whereas the total cost of t-.>